S&P Revised Rating Outlook on Korean Re to "A (Positive)"

S&P Global Ratings upgraded its rating outlook for Korean Re and its subsidiary Korean Reinsurance Switzerland AG from "A (Stable)" to "A (Positive)."

Announced on February 28, the upgrade reflects Korean Re's issuance of subordinated securities, enhanced portfolio diversification, and greater clarity on future profits, coupled with its stable expansion on the international stage.

This marks the first upgrade since October 2014, when S&P raised Korean Re's financial strength and counterparty credit ratings from "A-" to "A". Historically, an upward adjustment by S&P suggests the potential for a credit rating upgrade within 12 to 18 months, raising expectations for Korean Re's rating upgrade.

Korean Re believes the S&P rating outlook upgrade will have profound implications for its business at home and abroad and increase its competitive edge. Based on its high credit rating, Korean Re will continue to gain strong footing in the global market.

The 40th Korean Re Seminar Brings Together Global Reinsurance Experts

Korean Re successfully hosted the 40th Korean Reinsurance Seminar from May 20 to 24, 2024. The opening ceremony and a diverse range of seminar activities were held at the Korean Re head office in Seoul, as well as various industrial sites around the country over five days. This year, Korean Re welcomed 21 delegates from 17 insurers across 12 jurisdictions, including China, the UK, France, Switzerland, and Vietnam.

The comprehensive program featured insightful presentations by Korean Re on underwriting techniques and major developments and issues within the Korean and global insurance markets. In addition, Korean Re arranged field trips to various industrial sites across Korea, allowing participants to observe industrial operations firsthand. A curated cultural program also provided delegates with an immersive experience of Korean culture.

Initiated in 1979, the Korean Re Seminar has evolved into a vital platform for information exchange and discussion on important topics affecting the global insurance industry. Since then, this annual event has been attended by a number of professionals from 60 jurisdictions across the world. It is now widely recognized among insurance market participants as one of the most prestigious reinsurance seminars in Asia.

In his opening address, CEO Jong-Gyu Won highlighted the significance of this gathering, saying, "The Korean Re Seminar has the longest history and tradition among our events. It is a source of great pride for us." He also expressed his hope that the event would serve as an opportunity for participants to gain valuable experiences and obtain the latest information on the global reinsurance market.

Korean Re Wins iF Design Award 2024 for its Renewed CI

Korean Re won the world-renowned iF Design Award in the Communication category for its Corporate Identity (CI) renewal. The iF International Forum Design GmbH, based in Hannover, Germany, is one of the oldest independent design organizations and annually recognizes outstanding design achievements. The iF Design Award, along with Germany's Red Dot and the USA's International Design Excellence Award (IDEA), ranks among the top three design awards worldwide.

Marking its 60th anniversary, Korean Re commissioned the new CI development to Interbrand in 2023 and was awarded for the renewed CI. The CI embodies the themes of "Boldness & Lightness" in its font and has been lauded for reflecting the company's aspirations for professionalism and adaptability in risk management. According to Korean Re's representative, the new CI represents qualities that every reinsurance company aspires to achieve: professionalism and flexibility. On accepting the award, Korean Re expressed commitment to remaining a trustworthy partner for its clients through continued efforts to meet their expectations.

Korean Re Participates in Home Rebuilding Project by Habitat for Humanity Korea

A delegation of 22 volunteers including 19 new joiners from Korean Re visited Tangerang, Indonesia from April 18 to 23, 2024 to participate in a home rebuilding project in partnership with Habitat for Humanity Korea. The initiative targeted the reconstruction of homes for low-income families in Tangerang, a city on the island of Java, Indonesia.

Tangerang is known for its rural communities and vulnerability to natural disasters such as frequent river flooding. Many residents in this region are living in makeshift homes they constructed themselves, with their safety being on the line due to dire living conditions.

During the project, volunteers from Korean Re engaged in various activities including moving bricks and construction materials, mixing mortar, and applying cement plaster to the homes being rebuilt for families living in at-risk conditions. Additionally, the team conducted a house dedication ceremony, fostering engagement and interaction with the local community and homeowners.

Korean Re has consistently supported this non-profit organization, deploying volunteers to disaster-affected sites for the past 11 years. Excluding the interruption caused by the COVID-19 pandemic, the company's employees have actively participated in annual volunteer activities since 2014, beginning from Cebu, the Philippines. Over the years, these activities have included efforts in regions severely impacted by natural disasters, such as Bantayan Island in the Philippines, which was struck by Typhoon Haiyan, and Ayutthaya, Thailand, a community devastated by flooding.

CEO Jong-Gyu Won underscored the importance of housing stability, stating, "A home is the base upon which everything is built to protect those within. Supporting those in need to ensure a basic level of safety resonates deeply with the principles of reinsurance." He further said, "Korean Re will continue to lead social contribution activities and strive to enhance the living conditions of at-risk communities, thereby strengthening the resilience of our society."